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It was the "Fun Management" after all

Some of the readers may remember my post People Needed to Manage the Fun, that I posted this summer.

Apparently, whoever posted that job description may have been less mistaken than I thought.

I am reading the AIMA's Roadmap to Hedge Funds, and one line there drew my attention:
Some [absolute return managers] go even so far as to referring to the
traditional asset management as "fun management" rather than "fund
management"...
Although I doubt that the pun was intended on the part of the job-poster, it is still quite amusing.

On a more serious note, the attitude towards the traditional long-only managers described above is based on the fact that they are not held accountable for any losses, whereas the HF managers are, both by means of watermarks, hurdle rates and more often than not, co-investment of their own capital.

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